WalletHub, Financial Company
@WalletHub
The Progressive Deductible Savings Bank is an optional policy add-on that customers can select when purchasing a Progressive insurance policy. The Deductible Savings Bank reduces a Progressive customer’s car insurance deductible by $50 for each six-month period without a claim or driving violation. The reduced deductible will apply starting at the beginning of each new policy period, and deductibles can be reduced to as little as $0.
For example, say that Driver A has a deductible of $1,000 and goes two years without a claim or violation, earning $200 off their deductible. Then, Driver A causes an accident and files a collision claim, paying a deductible of $800. After this claim, their deductible will return to its original level of $1,000. Once Driver A goes another six months without a violation or accident, their deductible will decrease by $50, beginning the process again.
It’s also worth noting that policyholders with a motorcycle, RV, or boat policy can purchase the add-on and receive a 25% decrease in their deductible for every year without claims.
Progressive does not disclose how much the Deductible Savings Bank feature costs, since price varies by individual. For more information, check out WalletHub’s Progressive car insurance review.
People also ask
Who owns Progressive insurance?
Progressive is owned by its shareholders, as it is a publicly-traded company. The biggest shareholders are The Vanguard Group, BlackRock Fund Advisors, and Wellington Management, which have a combined ownership stake of almost 20%, according to public records, as of Q1 2021.
Progressive was founded in 1937 by Joseph Lewis and Jack Green. In 1965, Peter B. Lewis, the son of Joseph Lewis, took over the company. Progressive then went public in 1971. For...
read full answer by Lilah Butler, Car Insurance WriterWhat's a good deductible for auto insurance?
A good deductible for auto insurance is an amount you can afford after an accident or unexpected event, although most drivers pick an average deductible of $500. Other common auto insurance deductibles are $250 and $1,000, but drivers should take several factors into account before deciding which one is right for them. These include what premium they can afford and how likely they are to file a claim.
Since policies with a lower deductible...
read full answer by WalletHub, Financial CompanyDoes Progressive have free towing?
Yes, Progressive does offer free towing for customers who have the company’s roadside assistance coverage. Progressive roadside assistance is provided by Agero, generally costs $10-$100 per year, according to customer service reps and includes towing services up to 15 miles or the nearest repair shop. Progressive customers can request roadside assistance online, or they can call 1-800-776-2778.
What Progressive Roadside Assistance Covers
- Towing services up to 15 miles or the nearest repair shop
- ...
Did we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertisers compensate WalletHub when you click on a link, or your application is approved, or your account is opened. Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.